e. Late Payment Fee-> What are late payment fees?
If you cannot pay your Skyro loan on time, a late payment fee will apply, boss. The fee amount depends on your loan type. Below are the different late payment fees:
Product Loan Late Payment Fee:
If no payment is made, ₱500.00 or 5% of Net Proceeds of Loan whichever is lower will be charged. This fee can be found on your loan agreement or monthly statement.
Cash Loan Late Payment Fee:
If no payment is made, ₱500.00 or 5% of Net Proceeds of Loan whichever is lower will be charged. This fee can be found on your loan agreement or monthly statement.
SkyroCredit Late Payment Fee:
If no payment is made for your SkyroCredit bill, a ₱300 Late Payment Fee will be charged. This fee can be found on your loan agreement or monthly statement.
To avoid the ₱300 Late Payment Fee, you must pay at least the minimum amount on or before the due date of your SkyroCredit bill. Please note that interest will apply to the remaining balance shown on your bill date until it is fully paid.
i. What should I do if I cannot pay on time?
If you cannot pay your loan on time, try activating Skyro Flexi, boss! This feature lets you change your monthly payment amount and due date. It’s perfect to use when you need more time to pay for your loan, or you want to increase or lower your payment amount to fit your budget.
You can use Skyro Flexi up to 3 times for monthly payment changes, and 3 times for due date changes — per loan. Make sure to activate Flexi within 6 days before your due date, so it starts with your next monthly payment. For more information on how to use Skyro Flexi, click here.
ii. Why is the late payment fee so big?
The late payment fee may feel big, boss, because it’s meant to encourage on-time payments and cover the extra cost of managing overdue loans. If a payment is late, a fee of ₱500 or 5% of the loan amount (whichever is lower) may apply to your Product Loan or Cash Loan. For SkyroCredit, the late payment fee is ₱300.
This late payment fee can be charged every month until the overdue balance is fully paid, which is why the cost can add up. To avoid extra fees, it’s best to pay on time to keep your credit in good standing and unlock better offers from Skyro in the future, boss.
iii. How to avoid late payment fees?
To avoid late payment fees, boss, make sure to pay at least the minimum amount on or before your due date. For extra peace of mind, you can also top up your SkyroPondo to make sure it has enough balance, so it automatically deducts from your balance when it’s time to pay for your Skyro loans.
If you cannot pay your loan on time, you can avail of Skyro Flexi, boss! This add-on lets you change your monthly payment amount and due date. Learn more about Flexi here.